Wall Street Today | Stocks Pull Back as FOMC Minutes Beg Caution and NVDA Posts Earnings

The S&P 500, Wall Street's equity benchmark, sits close to four-month highs, having risen in 14 of the last 16 sessions. It's up some 8.4% in November and 18.4% in 2023.

Federal Reserve officials agreed to "proceed carefully" on rates, reiterating that they need more evidence that inflation was trending down toward their 2% target before they could declare victory in their fight to slow the pace of consumer price gains.

"All participants agreed that the Committee could proceed carefully and that policy decisions at every meeting would continue to be based on the totality of incoming information and its implications for the economic outlook and the balance of risks," the minutes read. "Further tightening of monetary policy would be appropriate if incoming information indicated that progress toward the Committee's inflation objective was insufficient."

While financial conditions have tightened significantly, Fed officials viewed "factors such as a fiscal outlook that suggested greater future supply of Treasury securities than previously thought and increased uncertainty about the economic and policy outlooks as likely having contributed to the rise in the term premiums."

Over 700 of OpenAI's employees have threatened to quit unless the current board resigns and ousted leader Sam Altman is reinstated. In a letter to the board, employees stated they are "unable to work for or with people that lack competence, judgment, and care for our mission and employees."

The weekend saw a power struggle between OpenAI's executives and the board over Altman's firing, with executives negotiating to bring him back into the company. Instead, the board appointed former Twitch CEO Emmett Shear as the new leader, and Microsoft hired Altman and co-founder Greg Brockman to head up a new AI team.

"Your actions have made it obvious that you are incapable of overseeing OpenAI," the letter says.

Signatories include some of OpenAI's most senior executives. Former interim CEO Mira Murati and OpenAI COO Brad Lightcap are the first two signatories on the letter. Murati was appointed CEO following Altman's exit but was succeeded by Twitch co-founder Emmett Shear.

Airline company shares are trading lower Tuesday despite the Transportation Security Administration's (TSA) optimism for a record-breaking U.S. Thanksgiving travel season.

The TSA has been screening an unprecedented number of passengers this year, with expectations of even busier airport security checkpoints during the upcoming Thanksgiving travel period. Starting from Friday, Nov. 17, and running through Tuesday, Nov. 28, the TSA foresees screening approximately 30 million passengers over 12 days. Historically, the Tuesday and Wednesday preceding Thanksgiving and the Sunday afterward have been the holiday's busiest travel days.

Oil declined after two days of gains as traders tempered expectations that OPEC+ would intervene in the market to bolster prices, with healthy supplies and ebbing geopolitical risks also adding to the retreat.

NVIDIA Beats Earnings, Data Center Revenue Beat